Avia Solutions secures $355 million funding for growth plans from Certares
Avia Solutions Group has secured new investment from US-based Certares, which will help it to achieve its growth plans. Certares, an investment specialist dedicated to the travel, tourism, and hospitality sectors, will provide a €300 million ($355 million) structured equity investment under the partnership, announced on September 13, 2021
“This important partnership marks the beginning of Avia Solutions Group’s next long-term development stage and the continuation of the growth of our global partnership network,” said Gediminas Žiemelis, founder and chairman of the Board of Directors of Avia Solutions Group.
The investment will “help enable the next phase of Avia Solutions Group’s growth plan for services in passenger and cargo aviation, maintenance and engineering, crew training, ground handling and logistics,” the company said in a statement. Avia Solutions Group intends to use the investment for “strategic acquisitions, capital expenditures and general corporate purpose.”
“Certares’s investment will support ASG’s growth and consolidation strategy in the aerospace services sector where they have developed both quality and scale advantages,” Tom Klein, Senior Managing Director of Certares said. Members of Certares will join the board of Avia Solutions Group.
Pending the approval of competition and supervisory authorities, the transaction is expected to close in the fourth quarter of 2021.
American Airlines bullish on demand even after Delta variant hits Q3 recovery
American Airlines is confident about travel demand, even after the spread of the Delta variant pushed the airline into a...
Federal aid helps Southwest Airlines to post Q3 profit
Southwest Airlines reports a net income of $446 million in the third quarter of 2021....
Alaska Airlines regains profitability in Q3 2021
Alaska Airlines reported a net income of $187 million in the third quarter of 2021....